Find out whether you should be opening an RRSP or TFSA (QUIZ)

When saving for retirement, Canadians can often feel overwhelmed by the process. How much should I budget for retirement savings? Do I make enough to save solely for retirement? And — the big one — should I save in a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP)?

While TFSAs have been the go-to for young Canadians who need flexibility with their savings, RRSPs have become more appealing in recent years — with changes like the Lifelong Learning Plan (LLP) and the Home Buyers’ Plan.

RRSPs are also a great way to lower your taxable income and potentially increase the likelihood of you getting a return come tax time. Make sure to mark down this year’s March 1st deadline to ensure your RRSP really counts for the upcoming tax period.

Coast Capital

As a member-owned credit union, Coast Capital can help you choose a TFSA or an RRSP depending on your unique financial goals. They also offer options to help you get the most out of whichever account you choose based on your financial needs.

To help you figure out where you should be storing your money, we’ve partnered with Coast Capital to create a quiz that’ll help you see if it’s more beneficial for you to open a TFSA or an RRSP.

Whether you’re opening an RRSP or TFSA, Coast Capital can help set you up with the right fit for your financial situation.

Prospective members can schedule one-on-one sessions over the phone or in person with a financial advisor at any Coast Capital branch to help them start off on the right track with their savings. They also offer a free Money Chat tool and the Help Hub for those looking for help on their own time.

Coast Capital

Keep your future on track with expert advice and limited-time investment offers. To learn more about how you can save more for retirement, or schedule a free session with a financial advisor, visit Coast Capital’s website.